3 Exercise 7-6 Percent of sales method; write-off LO P3 0.9 points At year-end (December 31), Chan Company estimates its bad debts as 1.00% of its annual credit sales of $658,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $329 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries for the transactions. eBook View transaction list Hint Journal entry worksheet Print Record the estimated bad debts expense. References Note: Enter debits before credits. General Journal Debit Credit Date Dec 31